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The global stainless steel market is driven by the rising consumption of the product by the chemical/petrochemical, medical, transport, consumer goods, and heavy machinery industries. Stainless steel is also called inox steel or inox. It is a steel alloy constituting of chromium having tarnishing and rust resilient properties.
The Asia Pacific is the leading regional market for stainless steel. Countries such as Russia, France, and Brazil are the low maturity market for stainless steel, while China has a high maturity market. China accounts for a significant portion of the stainless steel production globally. The market in China is being driven by the lower production costs due to the use of integrated nickel pig iron and the availability of cheap labour. The market is also supported by the rising domestic demand for stainless steel due to the country’s growing construction industry.
POSCO (NYSE: PKX), Nippon Steel Corporation, and Outokumpu are some of the major players in the global stainless steel market. In November 2020, Outokumpu introduced stainless steel bar stock services in the Nordics. The services will cater to the distributors offering competitive prices, less lead times, and high quality. The centre will start operating in January 2021. The bar stock of stainless steel will include round bars and profiles such as square, flat, and hexagon. Such developments by the key players in the market are expected to positively impact the market growth in the coming years.
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POSCO, Outokumpu, Acerinox S.A., Nippon Steel Corporation, Baosteel Group, and AK Steel Corporation, among others, are the key players in the global stainless steel market. The EMR report looks into the capacity, market share, and latest developments of these major players like plant turnarounds, mergers and acquisitions, and capacity expansions.
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